Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,800 units; cost $7.10 each. 8 Purchased 19,000 units for $7.30 each. 14 Sold 15,200 units for $13.80 each. 18 Purchased 11,400 units for $7.40 each. 25 Sold 14,200 units for $12.80 each. 28 Purchased 5,800 units for $5.80 each. 31 Inventory on hand-10,600 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods. FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 incon method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost Cost # of units Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units in ending inventory Cost Ending per unit Inventory per unit per unit 3,800 $ 7.10 $ 26,980 $ 7.10 $ 7.10 Beginning Inventory Purchases: $ 7.30 $ 7.30 $ 7.30 $ 7.40 $ 7.40 August 8 August 18 August 28 Total 19,000 11,400 5,800 40,000 138,700 84,360 33,640 283,680 $ 7.40 $ 5.80 $ 5.80 $ FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 202 LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost Cost of Goods # of units per Available for Sale unit 3,800 $ 7.10 $ 26,980 # of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic LIFO # of units in Cost Ending ending per unit Inventory inventory $ 7.10 $ 7.10 Beginning Inventory Purchases: $ 7.30 $ 7.30 $ 7.30 August 8 August 18 August 28 $ 7.40 $ 7.40 19,000 11,400 5,800 40,000 138,700 84,360 33,640 283,680 $ 7.40 $ 5.80 $ 5.80 Total $ FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 incom cost method. (Round "Average Cost per Unit" to 2 decimal places.). Cost of Goods Sold - Average Cost Average Cost Cost of Goods Available for Sale Cost of Goods Unit # of units Cost Available for Sale 3,800 $ 7.10 $ 26,980 Average Cost per Unit # of units sold Ending Inventory - Average Cost # of units in Average Ending ending Cost per Inventory inventory Cost of Goods Sold unit Beginning Inventory Purchases: August 8 August 18 August 28 Total 19,000 $ 7.30 11,400 $ 7.40 5,800 $ 5.80 40,000 138,700 84,360 33,640 283,680 $
